1976 (12) TMI 25

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..... tory provisions of Explanation 1 to section 18(1)(c) of the Wealth-tax Act, 1957, in deleting the penalty of Rs. 27,734 levied upon the assessee ? O. CHINNAPPA REDDY J.--The petitioner submitted wealth-tax return for the assessment year 1968-69, declaring net wealth of Rs. 1,01,802. This included a sum of Rs. 22,630 said to be the value of 1,088 equity shares of Oswal Woollen Mills Ltd., calcula .....

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..... ry to direct the Tribunal to state a case on thee facts and in the circumstances of his case. The clear finding of the Tribunal is that there was a bona fide difference of opinion. It is true that under section the burden is on the assessee but that, the Tribunal said had been discharged by the assesee in the present case. No doubt, the Tribunal made some unfortunate references to the element of m .....

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